Reinsurance News
agricultural reinsurance
Mapfre and AgriTask launch digital claims system for agricultural insurers
14th August 2018
Spanish insurer Mapfre has partnered with AgriTask, an international precision agriculture provider, to develop a digital claims management system for insurance companies operating in the agricultural sector. The new system integrates relevant geographical information of plots covered by insurance and correlates inspection protocols to the actual location of all policyholders, providing ... Read the full article
Winemakers face bankruptcy following intense hailstorms in southwest France
31st May 2018
Winemakers in the Bordeaux and Cognac regions of southwest France are facing the prospect of bankruptcy after violent hailstorms inflicted extensive damage across hundreds of vineyards. Official sources estimate 10,000 hectares (24,710 acres) out of a total 70,000 hectares were affected. The impact of the storm on winemakers could lead to ... Read the full article
CelsiusPro tenders technical assistance for Armenian agricultural scheme
15th May 2018
Swiss InsurTech firm CelsiusPro has completed a multi stakeholder international tender on behalf of the German development bank KfW and the Central Bank of Armenia for the technical assistance to establish a nation-wide agricultural re/insurance scheme in Armenia. CelsiusPro defined the terms of reference (ToR), organised the international tender for multiple ... Read the full article
Indian agriculture schemes require global reinsurance industry integration
10th May 2018
Lloyd’s and catastrophe risk modeller RMS have released a report that claims the global reinsurance industry needs to more fully integrated into current Indian agricultural re/insurance schemes. India is the world’s second largest agricultural economy after China with an Agriculture Gross Domestic Product of US $392 billion, but remains largely uninsured ... Read the full article
Spanish farmers renew Meteo Protect weather cover following 2017 heatwaves
26th April 2018
Meteo Protect is to provide parametric weather re/insurance for the second year running to 22,000 olive farmers in Spain following record-breaking temperatures during the summer of 2017. The Agricultural Association of Young Farmers (Asaja), which is the largest professional agricultural association in Spain, will provide the insurance, which protects olive fields ... Read the full article
Swiss Re joins global alliance to support smallholder farmers
25th April 2018
Swiss Re Corporate Solutions has launched a new global initiative in collaboration with World Bank Group member IFC, pharmaceutical and life sciences company Bayer, and irrigation manufacturer Netafim, which aims to support smallholders grow their farms into sustainable, commercially viable businesses. The initiative, called Better Life Farming, will offer risk transfer ... Read the full article
PartnerRe and Farmers Edge team up to close agricultural insurance gap
13th February 2018
Global reinsurance firm PartnerRe has teamed up with agricultural technology and decision software specialists Farmers Edge in a multi-year partnership that aims to help insurers to close the agricultural insurance gap across all continents. The four-year agreement brings together precision farming technology and agricultural insurance in a deal that the pair ... Read the full article
Sompo International expands agriculture platform with A&A acquisition
8th February 2018
Bermuda domiciled property and casualty insurer and reinsurer, Sompo International, has announced plans to acquire Italian agricultural insurer A&A, S.r.l. (A&A). The acquisition of A&A is aligned with Sompo International's recently announced AgriSompo initiative, an international platform designed to provide innovative and coordinated agricultural risk management products tailored to local market needs. The ... Read the full article
Opportunities for reinsurance in India set to increase into 2018
4th December 2017
2018 is forecast to be a big year for the India re/insurance sector, with newly relaxed capital rules that allow well-established Indian insurers to attract capital with an initial public offering (IPO) and the government increasingly opening the grounds to foreign reinsurers, according to Clyde & Co. The renewed focus ... Read the full article
AgriSompo launched as Sompo International targets global agricultural re/insurance
1st November 2017
Bermuda based specialty insurance and reinsurance firm Sompo International Holdings Ltd. (formerly Endurance) has launched AgriSompo, an initiative to create an integrated agriculture insurance and reinsurance offering across the globe. AgriSompo will take a common underwriting approach along with shared expertise and technology to deliver a range of re/insurance products to ... Read the full article
Agricultural insurance needed in underdeveloped Nigerian market: Reports
26th October 2017
Africa Re, the World Bank, and the federal government are collaborating to improve insurance penetration levels among farmers through affordable insurance packages, Ken Aghoghovbia, Chief Operating Officer/Deputy Managing Director, of Africa Re said in an interview with Nigeria Today. Increased agricultural insurance penetration is expected to play a crucial role in ... Read the full article
LatAm’s agricultural markets in need of greater re/insurance penetration: Swiss Re
18th October 2017
The protection gap (disparity between economic and insured losses post-event) for losses from natural disasters in Latin America reached $15 billion in 2016, with widespread impacts to various regions' vital agricultural sectors from numerous perils, but innovative insurance and reinsurance solutions can help to bridge the gap, according to reinsurance ... Read the full article
MGA Crop Pro gets approval to offer U.S. agriculture cover
16th August 2017
Crop pro Insurance, a new managing general agent, (MGA), has received Standard Reinsurance Agreement (SRA) approval from the U.S. Department of Agriculture (USDA) making the firm one of just 16 companies with official permission to participate in the Federal Crop Insurance Programme. The Federal Crop Insurance Corporation is managed by the ... Read the full article
Indian government economic survey signals need for climate insurance
16th August 2017
Insurance against climate risks in India has lagged far behind other sectors despite India being one of the world's most vulnerable nations to the changing climate; severe weather events challenge India's economy with a set back of $9-10 billion of mostly uninsured losses every year, according to the Indian government's Ministry of ... Read the full article
Highland Insurance Solutions names James Tran as new Head of Global Agriculture
26th July 2017
Highland Insurance Solutions (HIS) which partners with Tokio Marine Kiln (TMK) has announced the appointment of James Tran to Head of Global Agriculture. Tran will head up the growth and development of HIS' crop reinsurance segment, working closely with TMK's reinsurance underwriters in London and Singapore. Carl Herrmann, HIS Chief Executive Officer, ... Read the full article
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